World Bank Predicts Difficulties for Economy of Azerbaijan until 2017

The World Bank has published a framework document on partnership (CPF) to Azerbaijan for 2016-2020. It was approved by the Board of Directors on July 21 this year.

According to the report, which covers 118 pages, real GDP growth in 2015 will be 1.5%, in 2016 - 2.6%, 2017 - 2.7%.

Oil GDP in 2015 is projected at 1.5%, in 2016 - 1.0%, in 2017 - 1.0%.

Non-oil GDP after prolonged annual growth range of 9% is to fall to 3.6% in 2015, in 2016 - 3.8% and in 2017 - 3.9%.

GDP per capita dropped from $ 7,938 in 2014 to $ 5,447 in 2015, and it will further increase to $ 5.778 in 2016 and to $ 6,094 in 2017.

Inflation in 2015 will be double-digit - 10.0%, in 2016 - 4.6%, in 2017 - 3.5%.

Overall fiscal balance for the first time in three years will be in the red: in 2015 - 5.1 billion manat, in 2016 - 2.9 billion manat and in 2017 - 1.2 billion manat.

Exports of goods and services will decline from 47.1 billion manat in 2014 to 43.7 billion manat in 2015 and further to 42.6 billion manat in 2016 and 42.0 billion manat in 2017.

Imports of goods and services will grow to 26.8 billion manat in 2014, to 34.2 billion manat in 2015 and then decline to 30.7 billion manat in 2016 and then to 28.7 billion manat in 2017 .

Total public sector debt will grow by 100 million manat in 2014 to 14.5 billion manat in 2015, 14.6 billion manat in 2016 and 14.6 billion manat in 2017.

Nominal GDP will decrease from 58.9 billion manat in 2014 to 52.6 billion manat in 2015, and then it will be 56.5 billion manat in 2016 and 60.4 billion manat in 2017.

Assets of the oil sector will be reduced from $ 37.104 billion in 2014 to $ 34.813 billion in 2015, to $ 33.595 billion in 2016 and to $ 33.172 billion in 2017.  –0--